BASEL, Switzerland and BRIDGEWATER, N.J., Feb. 22 /PRNewswire/ -- Speedel announced today that it has successfully completed its latest private funding round, raising CHF 47.8 million (approximately Euro 30.8 million or USD 39.8 million). The financing was comprised entirely of equity and was fully subscribed, with the majority taken up by current shareholders.
Konrad P. Wirz, Chief Financial Officer, commented: "We are delighted at the continued confidence shown by our shareholders in the future of Speedel. This latest financing provides us with resources to invest in our maturing pipeline and to further our ambition of building a sustainable, successful high quality biopharmaceutical company."
The proceeds from the latest round will be used principally for pipeline development and to expand the activities of Speedel Experimenta, the company's late-stage research unit. Since inception in 1998, Speedel has secured about CHF 226.7 million (approximately Euro 146.3 million or USD 188.9 million), including the latest fund-raising and previous operating revenues.
Speedel is focused exclusively on creating and developing new therapies for the treatment of cardiovascular and metabolic diseases. At this time, Speedel's pipeline comprises of five compounds with three different modes of action in clinical development plus several pre-clinical projects. The most advanced compound is SPP100 (Aliskiren), the first-in-class renin inhibitor that is being progressed by Novartis in Phase III as monotherapy and in Phase II as combination therapy for the treatment of hypertension, with a planned registration filing in early 2006. The next most advanced compound is SPP301 (Avosentan), an endothelin receptor antagonist, which has recently completed Phase II clinical development. SPP200, a biologic with an undisclosed mode of action, is currently progressing in a Phase II trial in the US. Speedel recently announced human microdosing data from its next generation of renin inhibitors, SPP630 and SPP635, for the treatment of hypertension and the protection of organs, such as the kidneys and heart, from the damage that high blood pressure can cause.
Speedel has established successful collaborations with Novartis, Roche, Locus Pharmaceuticals and an undisclosed US Big Pharma company. Its business model is built on successful partnering with Big Pharma and biotech, plus the creation of its own compounds and intellectual property from its in-house research unit.
Speedel is a biopharmaceutical company that creates value for patients, partners and investors by developing innovative therapies for cardiovascular and metabolic diseases. Speedel is a world leader in renin inhibition, an exciting new approach to treating cardiovascular diseases. Our lead compound SPP100 (Aliskiren), a first-in-class renin inhibitor, is partnered with Novartis for Phase III development and commercialisation in hypertension. Our pipeline covers three different modes of action, and in addition to SPP100, it includes two compounds in Phase II, two compounds in Phase 0/Phase I plus several pre-clinical projects.
Speedel develops novel therapies through focused innovation and smart drug development from lead identification to the end of Phase II. We either partner with big pharma for Phase III and commercialisation of primary-care indications, or we may ourselves complete Phase III for specialist indications. Candidate compounds for development and the company's intellectual property come from our late-stage research unit Speedel Experimenta and from in-licensing.
Our team of sixty experienced pharmaceutical scientists and managers is located at our headquarters and laboratories in Basel, Switzerland and at offices in New Jersey, USA and Tokyo, Japan. Since being founded in 1998 as a private company, we have secured CHF 226.7 million (Euro 146.3 million or USD 188.9 million approx.) for investment in our pipeline through operating revenues, equity and a convertible loan.
Forward looking statements
This press release contains certain forward looking statements that can be identified by the use of forward-looking terminology such as "envisaged", "potentially", and "could" or "may" etc. There are no guarantees that such future events or results will actually be realized, and in particular that the aforementioned licensing agreements or approaches will result in the development of a new drug for cardiovascular indications or any subsequent commercialisation of any product in any market. Any such commercial success can be affected by, among other things, uncertainties relating to product development, regulatory actions or delays or government regulation generally, the ability to obtain or maintain patent or other intellectual property protection and competition in general. Any of these and other factors can cause the actual results to differ materially from the expected or predicted results.
Speedel Pharmaceuticals Inc
CONTACT: Nick Miles, Director Communications & Investor Relations, T+41-61-206-40-00, D +41-61-206-40-14, F +41-61-206-40-01, M +41-79-446-25-21,or firstname.lastname@example.org or Frank LaSaracina, Managing Director, T+1-732-537 2290, F +1-732-537-2292, M +1-908-338-0501, email@example.com, both of Speedel Pharmaceuticals Inc